Nexo is a platform where you can take loans backed by the crypto you keep on the site as collateral. The providers of the money for loans can earn intrest.
Nexo
When you keep your assets on Nexo you earn intrest on what you stall there. Intrest rates are high at Nexo compared to other platforms. A few factors even make your intrest earnings higher, first when intrest is paid in Nexo tokens , you earn more. Second, when you have more then one percent of your value in Nexo tokens, your intrest rewards are higher. And third , when you use the locked deposits for a month, three months or longer, intrest is even higher again.
There are many coins and some stable coins you can use as collateral. You deposit them on Nexo, and as soon as the coin are deposited they start earning intrest. When you want to take a loan, you mark your deposits as collateral , and they do not longer earn intrest. Then you decide what coin you need as a loan. Stables, or fiat currencies are most common. Once you take the loan , you start paying intrest , you can repay at any time. The collateral value is different for each coin. and varies from 10 percent to 90 percent for stables.
Funds on Nexo are always live monitored by an auditing company. Besides that, the funds are also assured by Lloyds of London. So the users on Nexo are seem to be very safe compared to other companies offering the same kind of services.
You can find Nexo's mastercard only in the mobile app, not on the website. But the benefits of using a debit card backed by your crypto, you only sell crypto when you use the card. There is no need to sell your coins in advange and send the money to a bankaccount before you can spend it. An extra benefit is the cashback of up to 2 percent of all spendings you make with the Nexo Mastercard.
Nexo has its own token, the Nexo token. There are benefits for the holders depending on the amount of these tokens users keep in their account. The higher the percentage , the higher the intrest earnings on other holdings. Also when borrowing keeping tokens is beneficial , with lower intrest rates for the loans you took. Trading fees are lower for users who hold the token. Holding one percent is the minimum to benefit , the highest level is reached at ten percent.
Nexo started as a loan on collateral platform. The platform for borrowing and lending was and is very successfull. The base was laid and later a crypto based Mastercard debit card was integrated. Then they even added trading services. Now you can trade many coins wityh the exchange part of Nexo. For exchanging and trading there even is Pro service with its own wallets.
You can deposit money on NEXO from any bank using SEPA. Also withdrawals are working fine. Within one working day the money is where you want to have it. And Nexos intrest rates on Euro are awesome compared to traditional banks.